AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD traded tad lower against the USD to close at 0.9334.
In economic news, the RBA commodity index in SDR terms eased 11.5% in Australia, following a revised drop of 13.8%, recorded in the previous month.
LME Copper prices declined 0.4% or $28.5/MT to $6966.5/MT. Aluminium prices declined 1.51% or $32.0/MT to $2082.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9307, with the AUD trading 0.29% lower from yesterday’s close.
The RBA held its benchmark interest rate at 2.5%, in line with market forecasts at its September monetary policy meeting. Governor Glenn Stevens, in the statement on monetary policy, reiterated the central bank’s stance that based on current conditions, the most prudent course of action is likely to be a period of stability in interest rates. He further added that continued accommodative monetary policy should provide support to demand and help growth to strengthen over time.
Earlier this morning, data indicated that the seasonally adjusted building approvals in Australia surprisingly rose 2.5% on a monthly basis in July, higher than market expectations for a 1.9% rise. The building approvals had fallen 3.8%, in the previous month. Additionally, the current account deficit widened to A$13.7 billion in 2Q 2014, from A$7.8 billion, registered in the previous quarter. Market anticipations were for the nation to record current account deficit of A$14.0 billion.
The pair is expected to find support at 0.9288, and a fall through could take it to the next support level of 0.9269. The pair is expected to find its first resistance at 0.934, and a rise through could take it to the next resistance level of 0.9373.
Going forward, market participants await AiG Performance of Services Index, slated to release in the midnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
